(MENAFN - Baystreet.ca) Match Group (NASDAQ:MTCH) stock rose 2.47% to close out the week on August 16. Shares have soared 97% in 2019 so far. Match stock was underwhelming in its first year of trading since its November 2015 IPO, but it has been on a tear over the past three years.
The company released its second-quarter 2019 results on August 6. There has been a significant increase in people sighing up to use the Tinder dating app, which underpinned an earnings beat for Match.
Online dating has exploded in popularity over the past decade, fast becoming one of the most common ways for couples to meet in the real world. Tinder achieved 1.6 million average subscriber additions over the past year, which blew away forecasts. In the second quarter, Tinder had 5.2 million average subscribers which represented a 503,000 year-over-year increase.
Match upped its revenue forecast for the full-year to the high-teens as far as percentage growth is concerned. It is projecting EBITDA between $770 million and $880 million, which beats its previous range between $740 million and $790 million.
Revenue in Q2 2019 rose to $498 million which represented an 8% jump from the prior-year.
Shares of Match are now trading just over $10 off its 52-week high. It boasts a high P/E ratio of 50, but this is to be expected with a growth-oriented tech stock.
The prevalence of online dating is set to ramp up into the next decade, and Match will be a big beneficiary. This is a growth stock to target right now.